Major players in the filgrastim biosimilars market are Cadila Pharmaceuticals, Dr. Reddy’s Laboratories, Intas Biopharmaceuticals, Sandoz, Amgen Inc. , Dr. Reddy’s Laboratories Ltd, Intas Pharmaceuticals, Emcure Pharmaceuticals Ltd.
New York, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Filgrastim Biosimilars Global Market Report 2020-30: COVID-19 Growth and Change" - https://www.reportlinker.com/p05998720/?utm_source=GNW
, Biocon and Aryogen Biopharma.
The global filgrastim biosimilars market is expected to decline from $511.15 million in 2019 to $445.04 million in 2020 at a compound annual growth rate (CAGR) of -12.93%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $751.96 billion in 2023 at a CAGR of 19.11%.
The filgrastim biosimilars market consists of sales of filgrastim biosimilars and related services by entities (organizations, sole traders and partnerships) that manufacture filgrastim biosimilars. Filgrastim biosimilar treatment is used to stimulate the bone marrow to produce more neutrophils (white blood cells) to fight infection in patients undergoing chemotherapy for cancer treatment. Only goods and services traded between entities or sold to end consumers are included.
In January 2019, Kashiv Pharma, a US-based biopharmaceuticals research company, acquired Adello biologics for an undisclosed amount. The new company will be known as Kashiv Biosciences. The deal will help Kashiv BioSciences in expanding its business offering in several areas including drug delivery platforms consolidating delayed-release technology and gastric retention systems that improve the efficacy and safety of known drugs, the pipeline of seven development products targeting unmet clinical needs. Adello Biologics was founded in 2012 and is a biotechnology company that works on developing biosimilars including filgrastims. The company is headquartered in Piscataway, New Jersey.
The filgrastim biosimilars market covered in this report is segmented by application into oncology; chronic and autoimmune diseases; blood disorders; growth hormone deficiency; infectious diseases; others and by distribution channels into hospital pharmacy; retail pharmacy; online pharmacy.
Stringent regulations imposed on approvals of biosimilars is anticipated to hinder the growth of the filgrastim biosimilar market in the forecast period. The governments of different regions impose different rules regarding the production and use of biologics and biosimilars. Further, issues such as patent infringement or agreement issues restrict the manufacturers of biosimilars from commercializing the government-approved biosimilars. The US Food and Drug Administration requires a double regulatory approval for biosimilars, restricting the use of biosimilars as an interchangeable drug to biologics, whereas, in Europe, the European Medicines Agency (EMA) approves biosimilars as interchangeable products for biologics. For instance, Sandoz got a USFDA approval for its 1st biosimilar ZarxioTM (Filgrastim-Sndz) of original biologic Neupogen®. The consent depended on a comprehensive package of analytical, nonclinical, and clinical information, which verified that Zarxio is highly similar to the US-licensed reference product. To get this approval Sandoz even had to fight a legal battle with Amgen who claims that Sandoz has infringed its manufacturing process. These kinds of hurdles can restrict the growth of the filgrastim biosimilar market.
Companies in the filgrastim biosimilar market are increasing their product innovation through strategic collaborations. To sustain in the increasingly competitive market, companies are developing innovative products as well as sharing skills and expertise with other companies. While companies have long collaborated with each other and with academic and research institutions in this market by way of partnerships, in- or out-licensing deals, this trend has been increasing over recent years. For instance, in November 2018, biosimilar developer Alvotech and Fuji Pharma entered into a partnership agreement for the commercialization of Alvotech’s entire pipeline of biosimilars in Japan, including filgrastims.
Government initiatives for the development of biosimilars are expected to drive the filgrastim biosimilars market. Governments worldwide are focusing on the development of biosimilars attributing to their cost-effective nature. The US Food and Drug Administration (FDA) launched a Biosimilar Action Plan in July 2018 to increase treatment options. The Australian government is committed to the Biosimilar Awareness Initiative and in 2018, it improved its commitment by supporting the Generic and Biosimilar Medicines Association through a grant of $5 million to accept increased general biosimilar education and activities that promote the suitable dispensing, prescription and use of biosimilar medicines. Hence, the government initiatives for the development of biosimilars aids in the increased production and awareness which in turn supports the growth of the filgrastim biosimilars market.
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